2012-08-29 — usawatchdog.com
Does a .5% increase (year-over-year) really "bode well for the housing market"? It has been widely reported the Federal Reserve has spent trillions of dollars suppressing interest rates. There's been quantitative easing (money printing), "Operation Twist" and near 0% interest on a key Fed lending rate. A 30-year mortgage is hovering at or near historic lows--around 3.5%. This is all we got after all that? According to the latest Case-Shiller report, "As of June 2012, average home prices across the United States for the 10-City and 20-City Composites are back to their summer 2003 levels." Home prices are back to where they were 10 years ago and this is good news?
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